Huntington National Bank Trims Stake in Warner Bros. Discovery, Inc. $WBD

Huntington National Bank lessened its position in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 23.6% in the 2nd quarter, Holdings Channel.com reports. The fund owned 22,081 shares of the company’s stock after selling 6,813 shares during the period. Huntington National Bank’s holdings in Warner Bros. Discovery were worth $253,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. WPG Advisers LLC purchased a new stake in Warner Bros. Discovery in the 1st quarter worth about $26,000. Financial Gravity Asset Management Inc. bought a new position in shares of Warner Bros. Discovery during the first quarter valued at approximately $27,000. Trifecta Capital Advisors LLC purchased a new stake in shares of Warner Bros. Discovery in the second quarter worth approximately $34,000. N.E.W. Advisory Services LLC bought a new stake in shares of Warner Bros. Discovery during the 1st quarter worth approximately $36,000. Finally, Zions Bancorporation National Association UT purchased a new position in Warner Bros. Discovery during the 1st quarter valued at $42,000. 59.95% of the stock is currently owned by institutional investors.

Warner Bros. Discovery Stock Performance

Shares of WBD stock opened at $22.67 on Friday. The firm has a market cap of $56.13 billion, a price-to-earnings ratio of 75.57, a PEG ratio of 2.56 and a beta of 1.73. Warner Bros. Discovery, Inc. has a 52-week low of $7.52 and a 52-week high of $23.06. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.92. The company’s 50 day moving average is $18.44 and its 200 day moving average is $13.43.

Warner Bros. Discovery (NASDAQ:WBD) last posted its earnings results on Thursday, November 6th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.02). The company had revenue of $9.05 billion for the quarter, compared to analysts’ expectations of $9.17 billion. Warner Bros. Discovery had a return on equity of 2.14% and a net margin of 2.00%.The firm’s quarterly revenue was down 6.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.05 EPS. On average, sell-side analysts anticipate that Warner Bros. Discovery, Inc. will post -4.33 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Weiss Ratings upgraded Warner Bros. Discovery from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, October 8th. Arete raised their price target on shares of Warner Bros. Discovery from $24.00 to $30.00 and gave the stock a “buy” rating in a research note on Tuesday, October 28th. The Goldman Sachs Group lifted their price objective on shares of Warner Bros. Discovery from $11.50 to $13.00 and gave the company a “neutral” rating in a report on Tuesday, September 30th. Seaport Global Securities upped their target price on shares of Warner Bros. Discovery from $15.00 to $24.00 and gave the stock a “buy” rating in a research note on Friday, October 3rd. Finally, Rothschild & Co Redburn raised shares of Warner Bros. Discovery from a “neutral” rating to a “buy” rating and set a $28.00 price target for the company in a research note on Thursday, October 30th. Three equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and fourteen have assigned a Hold rating to the company. Based on data from MarketBeat.com, Warner Bros. Discovery currently has an average rating of “Moderate Buy” and a consensus target price of $20.86.

Insider Buying and Selling

In other Warner Bros. Discovery news, CFO Gunnar Wiedenfels sold 222,210 shares of the business’s stock in a transaction dated Friday, October 31st. The shares were sold at an average price of $22.50, for a total value of $4,999,725.00. Following the completion of the transaction, the chief financial officer directly owned 918,940 shares in the company, valued at approximately $20,676,150. The trade was a 19.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Bruce Campbell sold 150,000 shares of the stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $18.00, for a total transaction of $2,700,000.00. Following the sale, the insider directly owned 252,464 shares of the company’s stock, valued at approximately $4,544,352. The trade was a 37.27% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,192,325 shares of company stock worth $22,818,215 in the last three months. 1.80% of the stock is owned by insiders.

Warner Bros. Discovery Company Profile

Warner Bros. Discovery, Inc operates as a media and entertainment company worldwide. It operates through three segments: Studios, Network, and DTC. The Studios segment produces and releases feature films for initial exhibition in theaters; produces and licenses television programs to its networks and third parties and direct-to-consumer services; distributes films and television programs to various third parties and internal television; and offers streaming services and distribution through the home entertainment market, themed experience licensing, and interactive gaming.